Existing-home sales rise 2.4% in September

RuthMantell

WASHINGTON (MarketWatch) -- Sales of existing homes rose 2.4% in September to a seasonally adjusted annual rate of 5.17 million, hitting the fastest pace in one year and rebounding from an unexpected drop in August, the National Association of Realtors reported Tuesday. Economists polled by MarketWatch had expected the sales rate to increase to 5.1 million in September from 5.05 million in August. "Low interest rates and price gains holding steady led to September's healthy increase," said Lawrence Yun, NAR's chief economist. However, September's pace of sales was down 1.7% from a year earlier, signaling shakiness in the market. The median sales price of used homes hit $209,700 in September, up 5.6% from the year-earlier period. September's inventory was 2.3 million existing homes for sale, a 5.3-month supply at the current sales pace. The number of homes available for sale was up 6% from the year-earlier period.

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